A man who makes loans in a company, that is not quite a bank and not quite a payday lending company, remembers when a young man came in for a loan to buy a truck. According to wbhm.com’s report “Uncovering Elder Financial Abuse? It’s Tricky,” the 19-year-old did not have any credit history and had only been employed for a few weeks, so he brought his grandfather with him to co-sign the loan application.
The grandfather told him, “I don’t really want to, but they’re saying it’s the only way he can get it.” This raised a red flag for the man as a possible instance of elder financial abuse, but it presented a difficult situation. He wanted to make the loan and avoid negative reviews on social media. What should he do? Continue reading